I do not know your players. but it does sound a bit immature. A little healthy OoG competition can be fun, but if it takes up too much time maybe they should be dueling instead of roleplaying.
Again I do not know your players or their age. They might become more mature with age or maybe a "serious" player can change the attitude around the table.
Arrows used as projectiles will not benefit from the spell storing enhancement, since you have to be wielding the weapon to cast the spell.